Briggs Copper Project Now 439Mt at 0.25% Cu with 95% Recovery, Alma Metals Reports

• Updated Briggs Copper MRE totals 439Mt at 0.25% Cu including 110Mt Indicated resource
• First inclusion of silver as a by-product in resource estimate with 16.5Moz at 0.15% Cu cut-off
• Locked-cycle flotation tests show copper recoveries up to 95% into high-grade concentrates
• Queensland Government awarded $250,000 CEI grant for deep drilling to test higher-grade zones
• Scoping study advancing with mining studies to commence and further drilling planned

Resource Upgrade and New By-Product Inclusion

Alma Metals Limited has delivered a substantial Mineral Resource Estimate (MRE) update for its Briggs Copper Joint Venture Project in Queensland, marking a pivotal advancement in the project’s development. For the first time, the updated MRE incorporates silver as a by-product alongside copper and molybdenum, reflecting a more comprehensive valuation of the deposit’s potential.

The total resource now stands at 439 million tonnes grading 0.25% copper, 36 ppm molybdenum, and 0.7 grams per tonne silver at a 0.2% copper cut-off. Notably, the Indicated Resource category alone accounts for 110 million tonnes at 0.27% copper, offering a substantial base for potential early-stage mining operations. At a lower 0.15% copper cut-off, the resource contains an estimated 2 million tonnes of copper, 73 million pounds of molybdenum, and 16.5 million ounces of silver, underscoring the deposit’s multi-metallic value.

Metallurgical Advances Bolster Project Viability

Complementing the resource upgrade, metallurgical test work has demonstrated exceptional copper recoveries of up to 95% into high-grade concentrates, reaching up to 29% copper content. These results were achieved through locked-cycle froth flotation tests, which simulate real-world processing conditions more accurately than batch tests. The ability to maintain high recoveries at coarse grind sizes suggests potential for lower power consumption and operational costs, enhancing the project's economic prospects.

The test work also confirmed molybdenum recoveries of 62-73% and revealed silver concentrations in concentrates well above typical payability thresholds, adding further revenue streams. Tailings characterization indicates non-acid forming material with favorable settling properties, simplifying environmental management and tailings storage design.

Progressing the Briggs Scoping Study

These technical milestones feed directly into the ongoing Briggs Scoping Study, which is now entering the mining and scheduling phase. The study aims to evaluate the technical and financial viability of mining the deposit, incorporating the updated resource and metallurgical data. A high-level environmental constraints report has already flagged no major red flags, although detailed baseline studies remain necessary.

Mining studies are set to commence imminently, focusing on engineering design, waste and tailings management, and product marketing strategies. The company’s methodical approach reflects a commitment to de-risking the project ahead of potential development decisions.

Government Support and Drilling Plans

Alma Metals has secured a $250,000 (+GST) grant from the Queensland Government’s Collaborative Exploration Initiative (CEI) to partially fund a 900-meter deep core hole. This drilling will test for a potential higher-grade porphyry intrusion beneath the current resource footprint, a target that could materially enhance the project’s value if successful.

Drilling is planned to commence late in the current quarter or early next quarter, alongside infill drilling to convert Inferred Resources to Indicated status. These programs are critical for resource growth and upgrading, which will underpin future feasibility studies.

Broader Exploration and Financial Position

Beyond Briggs, Alma is advancing exploration in the East Kimberley Copper Project in Western Australia, targeting sediment-hosted copper mineralization with limited historical exploration. The company has secured key heritage and government approvals to commence reconnaissance activities, signaling a strategic expansion of its copper portfolio.

Financially, Alma Metals ended the quarter with approximately AUD 949,000 in cash and AUD 2.1 million in liquid investments, though net operating cash outflows continue as the company funds exploration and study work. Management remains confident in securing additional funding through equity or asset sales to sustain operations and advance project milestones.

Bottom Line?

With a strengthened resource base and compelling metallurgical data, Alma Metals is poised to unlock value at Briggs, but upcoming drilling and scoping outcomes will be critical to confirm its development trajectory.

Questions in the middle?

• Will the deep drilling uncover higher-grade mineralization that could transform project economics?
• How will the scoping study balance operational costs with the promising metallurgical recoveries?
• What funding strategies will Alma Metals pursue to support ongoing exploration and development?